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18.08.25 - 15:03
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Spruce Point Capital Management Announces Investment Opinion: Releases Report and Strong Sell Research Opinion on iRhythm Technologies (NASDAQ: IRTC) (Business Wire)
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NOTE TO EDITORS: The Following Is an Investment Opinion Issued by Spruce Point Capital Management
Provides Evidence From Interpreting Legal Filings That the Department of Justice Is Investigating a Possible Cover-up by iRhythm Management Related to Potentially Fatal Product Flaws
Raises Serious Concerns About iRhythm Management's Credibility Given the Company's Track Record and Communications Before and After the Onset of Regulatory Scrutiny
Questions the Defensibility, Differentiation, Quality, and Regulatory Compliance of iRhythm Cardiac Monitors and Its Patient Data Analysis Operations
Presents Evidence That iRhythm's Targeting of the Asymptomatic Market Opportunity Is Likely to Disappoint, Particularly as Consumer Devices Incorporate Near-Medical Grade Cardiac Monitoring and Multi-Sensor Capabilities
Highlights Concerning Data Suggesting Growing Revenue Headwinds, Historically Poor Operating Leverage, and Decreasing Financial Transparency
Estimates That iRhythm Shares Face 40%-70% Long-Term Potenti...
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